PayPal cuts 9% of its workforce

New York (CNN) — PayPal is cutting about 9% of its workforce, the company said Tuesday.

The layoffs join a long list of technology companies that have cut staff from Amazon to eBay in the first month of the new year.

CEO Alex Criss cited the need to pursue new technologies.

“Specifically, across our organization, we need to strengthen our technology to drive greater focus and efficiency, implement automation, and reduce complexity and duplication,” he wrote in a letter sent to employees Tuesday.

Last week, eBay said it would lay off 1,000 employees, or about 9% of its workforce, citing the macroeconomic environment. Google CEO Sundar Pichai started the new year by warning of more layoffs to come. Amazon to cut hundreds of jobs, including Twitch. Duolingo laid off about 10% of its contract employees as it begins to rely more on artificial intelligence.

As of Tuesday afternoon, 98 tech companies have laid off more than 25,000 employees so far in 2024, according to Layoffs.fyi. According to the database, there were 262,595 layoffs at more than 1,100 companies last year.